Case-Shiller Index: Home prices drop 0.4% In January

Home prices in the Top 20 Metropolitan Areas declined 0.4% in January, according to the Standard & Poor’s Case-Shiller Index. It was the fourth consecutive monthly drop. The big winner was Los Angeles with a 0.9% increase over December. The biggest loser in this current market downturn continues to be Las Vegas where prices are off 55.8% from their peak. Las Vegas suffered a 0.5% decrease over December. Overall, home prices in the Top 20 Metropolitan Areas were down 29.6% from their July, 2006 peak .

Here’s a look at how the individual Top 20 Metropolitan Areas are performing:

Phoenix: Down 0.6% over December, down 50.9% from their peak.

Los Angeles: Up 0.9% over December, down 36.9% from their peak.

San Diego: Up 0.4% over December, down 37.3% from their peak.

San Francisco: Down 0.6% over December, down 37.9% from their peak.

Denver: Down 1.3% over December, down 10.5% from their peak.

Washington DC: Down 0.4% over December, down 29.1% their peak.

Miami: Down 0.2% over December, down 47.2% from their peak.

Tampa: Down 0.5% over December, down 42.0% from their peak.

Atlanta: Down 1.5% over December, down 21.6% from their peak.

Chicago: Down 1.7% over December, down 25.8% from their peak.

Boston: Down 0.5% over December, down 16.1% from their peak.

Detroit: Down 1.1% over December, down 43.5% from their peak.

Minneapolis: Down 0.6% over December, down 28.3% from their peak.

Charlotte: Down 0.6% over December, down 13.8% from their peak.

Las Vegas: Down 0.5% over December, down 55.8% from their peak.

New York: Down 0.3% over December, down 20.6% from their peak.

Cleveland: Down 0.7% over December, down 16.5% from their peak.

Portland: Down 1.8% over December, down 21.0% from their peak.

Dallas: Down 1.3% over December, down 7.3% from their peak.

Seattle: Down 1.7% over December, down 24.6% from their peak.

Continued high unemployment, mortgage interest rate resets, as well as an expiring home buyer’s tax credit will continue to put downward pressure on home prices.